MAY 14, 2006

Peace breaks out in F1

As we exclusively predicted last week, the GPMA and the Formula One group have agreed a document that they hope will form the basis of a wide-ranging treaty for Formula 1.

The parties involved have agreed and signed a memorandum of understanding on the commercial structure of Formula 1 from now until 2012. The representatives of BMW Sauber, Honda, McLaren, Renault and Toyota all signed the deal after a meeting on Sunday morning in Barcelona. The memorandum of understanding will be the basis of a new Concorde Agreement between the FOA, FIA and the teams.

Professor Burkhard Goschel, chairman of the GPMA, said that the memorandum of understanding "constitutes a comprehensive solution for the future of the sport. We can build on this result and look forward to jointly grow Formula 1 and make it an even bigger sporting spectacle than ever before."